Orchid Island Capital Inc Plans Monthly Dividend of $0.09 (ORC)
Orchid Island Capital Inc (NYSE:ORC) declared a monthly dividend on Thursday, March 8th, Zacks reports. Investors of record on Thursday, March 29th will be paid a dividend of 0.09 per share by the real estate investment trust on Tuesday, April 10th. This represents a $1.08 dividend on an annualized basis and a yield of 14.65%. The ex-dividend date is Wednesday, March 28th.
Orchid Island Capital has decreased its dividend by an average of 8.0% per year over the last three years. Orchid Island Capital has a payout ratio of 65.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Orchid Island Capital to earn $1.50 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 88.0%.
Shares of Orchid Island Capital (NYSE ORC) traded up $0.01 during trading hours on Friday, reaching $7.37. 267,292 shares of the company were exchanged, compared to its average volume of 1,403,108. The company has a market capitalization of $388.97, a P/E ratio of 369.00 and a beta of 0.32. Orchid Island Capital has a 52 week low of $6.77 and a 52 week high of $11.13.
Orchid Island Capital declared that its Board of Directors has initiated a share repurchase program on Thursday, February 8th that allows the company to buyback 4,520,000 outstanding shares. This buyback authorization allows the real estate investment trust to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
A number of equities analysts have recently issued reports on the company. ValuEngine downgraded Orchid Island Capital from a “buy” rating to a “hold” rating in a research report on Thursday, March 1st. Zacks Investment Research downgraded Orchid Island Capital from a “hold” rating to a “strong sell” rating in a research report on Wednesday, February 14th.
Orchid Island Capital Company Profile
Orchid Island Capital, Inc is a specialty finance company that invests in residential mortgage-backed securities (RMBS). The Company’s business objective is to provide attractive risk-adjusted total returns to its investors over the long term through a combination of capital appreciation and the payment of regular monthly distributions.
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